Question 1208002: The monthly payment pon a mortgage varies directly with the amount borrowed B. If the monthly payment on a 15-year mortgage is $8.99 for every $1000 borrowed, find a linear equation that relates the monthly payment p to the amount borrowed B for a mortgage with the same terms. Then find the monthly payment p when the amount borrowed B is $175,000.
Found 2 solutions by mananth, ikleyn:
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! The monthly payment p varies directly with the amount borrowed B,
p  B
we can express this relationship as p= kB
where k is the constant .
The monthly payment is $8.99 for every $1000 borrowed.
Therefore, we get p =8.99*(B/1000)
Simplify
p= 0.00899 B
the amount borrowed B is $175,000
we can substitute 𝐵=175000 into the equation:
p = 0.00899 * 175000
p= 1573.25
The monthly payment p for the amount borrowed ($175,000) is $1753.25
Answer by ikleyn(52903)  (Show Source):
You can put this solution on YOUR website! .
The monthly payment  p on a mortgage varies directly with the amount borrowed B.
If the monthly payment on a 15-year mortgage is $8.99 for every $1000 borrowed, find a linear equation
that relates the monthly payment p to the amount borrowed B for a mortgage with the same terms.
Then find the monthly payment p when the amount borrowed B is $175,000.
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The last statement in the post by @mananth
" The monthly payment p for the amount borrowed ($175,000) is $1753.25 "
is incorrect.
The correct statement is
" The monthly payment p for the amount borrowed ($175,000) is $1573.25 ".
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